448 40th St · New York, NY 11220

$1,650,000

18 bd · 7.2 ba · 7,854 sqft · MultiFamily · 65 Days on market

Built 1914 Fair condition 3,339 sqft lot

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +24.6/30.0
• DSCR +7.9/10.0
• Appreciation +7.8/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 6 units. estimate disagrees with records

Listing remarks

Exceptional investment opportunity in the heart of Sunset Park! This well-maintained 6-family brick building (33x68, zoned R6B) features six spacious 3-bed/1-bath units with strong current income of $10,020/month ($120,240/yr) and a 5.1% cap rate at ask. Annual expenses of approximately $37,949 include taxes, insurance, gas, water, and common electric. Building highlights include brand-new 3rd floor windows and a roof approximately 7–8 years old — minimal near-term cap-ex. Conveniently located near the N/D/R trains, shopping, Sunset Park, the waterfront at Industry City and convenient express transit options into Manhattan. A rare opportunity to acquire a high-unit-count asset w

Key facts

• Near shopping
• Near waterfront
• Brand new windows

Tags

• WELL MAINTAINED BUILDING
• SPACIOUS UNITS
• BRAND NEW WINDOWS
• NEAR EXPRESS TRANSIT
• NEAR SHOPPING
• NEAR WATERFRONT

Property features AI

Finance

• Other: Six-unit multi-family building; Total of 36 rooms across the building
• Financial info: Financing considered: cash, bank mortgage, exchange

Exterior

• Parking: No dedicated parking
• Utilities: 110V electric; Gas hot water; Gas heating fuel; Utility expense listed
• Home design: Attached building; Residential property; Three stories (units on floors 1–3); Zoning: R6B
• Construction: Brick construction; Asphalt/tar and flat roof; Block foundation; Building footprint approximately 68 x 33
• Exterior features: Front and back yard; Fully fenced yard

Interior

• Kitchen: Refrigerator included; Oven/Range; Appliances included in units
• Bedrooms: Six 3-bedroom units (two on each of three floors)
• Flooring: Hardwood floors; Laminate floors; Tile floors
• Bathrooms: Seven full bathrooms (distributed across units)
• Heating & cooling: Steam/radiator heat; Gas heating fuel; Window A/C units
• Interior features: Window air conditioning units (5+); Window treatments; Other interior features
• Laundry & utility: Water included in unit features for most units; Heat included in unit features for all units

What this means for you Summary

Snapshot

• This is a 6 × 3-bed/1.2-bath units multifamily listed at $1.65M. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $3k ($41k/yr) — positive. Per door: $570/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($19k rent vs $1.65M).
• Recommended offer: $1.55M (6.0% below list) — sets the bar for market timing.
• Cap rate 8.8% vs local median 2.6% in New York — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 75/100 on livability (#268 in NY, #4,188 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A; Watch: crime F, cost of living F.
• Market conditions: Rents rising fast (+11.0%/yr); 271 active listings in the ZIP; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $18,760/mo this rent would consume 322% of the median local household income ($70k/yr) (locally 6563% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $104k of equity ($11k loan paydown + $93k appreciation (5.6% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (5.6% appreciation + 8.0% rent growth), your $462k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$167k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($1.55M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1914 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 62% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,551,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1914 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
9. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
10. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
11. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.14% ✓
• Cap rate: 8.78%
• Cash-on-cash: 8.88%
• DSCR: 1.39
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.63% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 24.6%
• Equity multiple: 2.64×
• Total profit: $757,752
• Equity at exit: $999,241

10-year hold

• IRR: 25.7%
• Equity multiple: 6.01×
• Total profit: $2,315,199
• Equity at exit: $1,780,138

Cash invested: $462,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City New York: 0 Strongly Tenant-Friendly · D+34

Rent Stabilization Code; HSTPA; 6+ months in housing court.

Methodology + full state rankings →

ZIP-level market 11220

• Home prices YoY: 2.5%
• Rents YoY: 11.0%
• Active inventory: 271
• Price-to-rent: 44.0×

Monthly cashflow live

• Estimated rent: $18,760 medium
• Mortgage (P&I): −$8,653
• Tax est. 1.5%: −$2,062 /mo · $24,750/yr
• Insurance: −$688
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,940
• Net cashflow: $3,418

Break-even live

Break-even rent $14,434

Max offer price $1,650,000

Occupancy floor 77%

Sensitivity live

Price	-10% $4,558	-5% $3,988	+0% $3,418	+5% $2,847	+10% $2,277
Rent	-10% $1,936	-5% $2,677	+0% $3,418	+5% $4,159	+10% $4,900
Rate	-1.0pp $4,249	-0.5pp $3,837	base $3,418	+0.5pp $2,990	+1.0pp $2,555

6-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 6× units	3	1.2	$18,762
Total (6 units)			$18,760

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $412,500
• Closing costs: $49,500
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-18
   days on market $1,650,000 Active 65 DOM
2. 2026-06-17
   days on market $1,650,000 Active 64 DOM
3. 2026-06-15
   days on market $1,650,000 Active 62 DOM
4. 2026-06-13
   days on market $1,650,000 Active 60 DOM
5. 2026-06-10
   days on market $1,650,000 Active 56 DOM
6. 2026-06-08
   days on market $1,650,000 Active 55 DOM
7. 2026-06-08
   days on market $1,650,000 Active 54 DOM
8. 2026-06-04
   days on market $1,650,000 Active 51 DOM
9. 2026-06-03
   days on market $1,650,000 Active 50 DOM
10. 2026-06-01
    days on market $1,650,000 Active 48 DOM
11. 2026-05-31
    days on market $1,650,000 Active 47 DOM
12. 2026-04-14
    listed $1,650,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥99°F today · 14 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 62% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $225,120
• − Mortgage interest: −$92,426
• − Property taxes: −$24,750
• − Insurance: −$8,250
• − Repairs & maintenance: −$18,010
• − Management: −$18,010
• − Depreciation: −$48,000
• Taxable income: $15,675
• Est. tax owed @ 24.0%: −$3,762
• After-tax cash flow: $37,249/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 7 photos

Fair 45/100 Moderate rehab

This 6-family brick building requires moderate repairs and maintenance to improve its condition and increase its resale and rental value.

Repairs flagged

• Minor exterior paint — Yellow brick facade shows some discoloration
• Minor concrete floors — Concrete floors show some wear
• Minor interior paint — Painted walls show some wear

Value-add opportunities

• Both paint exterior — Enhances curb appeal and resale value
• Both repair concrete floors — Improves living conditions and rental appeal
• Both touch up interior paint — Enhances interior aesthetics and rental appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior paint · Yellow brick facade shows some discoloration	Minor	$500–3,000
concrete floors · Concrete floors show some wear	Minor	$500–3,000
interior paint · Painted walls show some wear	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both paint exterior — Enhances curb appeal and resale value ↑
• Both repair concrete floors — Improves living conditions and rental appeal ↑
• Both touch up interior paint — Enhances interior aesthetics and rental appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

No district data.

Livability — New York

• Score: 75/100
• State rank: #268
• US rank: #4188

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment A- Housing C+ Health & safety A User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New York, NY
• County: Kings County · 2,614,986 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 90,652
• Household income: $69,883
• Rent vs Own: 73.3% rent · 26.7% own
• Severe rent burden: 6563.0

Population outlook (Kings County) Hauer SSP2

• Today (2025): 2,847,441 people
• By 2030: 2,937,006 · +3.1%
• By 2040: 3,095,491 · +8.7%
• By 2050: 3,228,968 · +13.4%
• By 2075: 3,321,723 · +16.7%
• By 2100: 3,111,387 · +9.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: Asian 40% Hispanic / Latino 40% White 16% Two or more races 7% Black 2% Native American 2%
• Hispanic origin (detail): Mexican 17% Puerto Rican 8% Dominican 5%
• Common ancestry: Romanian 1% Scotch-Irish 1% Subsaharan African 1%
• Foreign-born: 52% · China, Canada, Jamaica
• Languages at home: 20% English-only · Spanish 35% Chinese 35% Arabic 3%

Political lean MEDSL · Kings

• 2024 margin: Solid D (+44.0) · D 72.0% · R 28.0%
• 2008→2024 swing: -15.5pp toward R · 2008: 59.4pp · 2024: 44.0pp
• All cycles: 2024: D+44.0 2020: D+54.8 2016: D+61.8 2012: D+63.9 2008: D+59.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.63%
• Current HPI: 226.624
• Rent YoY: ▲ 11.02%
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

1 event — show timeline

• 2026-04-14 Listed $1,650,000 BNYMLS